Regulatory Analysis
Belgium’s new coalition government has announced plans to introduce a complementary reporting requirement alongside the existing B2B e-invoicing mandate. With the current e-invoicing system operating through the 4-corner Peppol network, there was speculation that a 5-corner model would follow. The recent announcement confirms this, stating that e-invoicing systems, cash registers, and payment systems will be […]
Serbia has published amendments to the Value Added Tax (VAT) Law introducing pre-filled VAT returns. The law was published in the Official Gazette of the Republic of Serbia no. 94/2024. A pre-filled tax return is defined as a set of data relating to the turnover of goods, trade in services, import of goods and other transactions […]
The standard VAT rate in Israel is increasing from 17% to 18% from January 1, 2025. This measure was introduced in early 2024 and was confirmed by the Israeli Tax Authority on December 5, 2024. The announcement can be found here (in Hebrew).
The Finnish Government approved an increase in the reduced VAT rate from 10% to 14% from January 1, 2025. Goods and services currently subject to the 10% reduced VAT rate will be subject to the 14% rate, excluding supplies of newspapers, magazines, and broadcasting services that will remain at the 10% rate. Children’s diapers and […]
The proposed amendments to Romania’s e-invoicing, e-transport, and e-VAT legislation have been officially adopted through Government Emergency Ordinance (GEO) no. 138, published on December 4th. The adopted ordinance largely reflects the provisions outlined in the draft GEO. Key updates include: E-invoicing Simplified invoices are no longer excluded from scope of mandatory e-invoicing and reporting requirements […]
Pursuant to amendments published in the Official Gazette of Montenegro No. 94/2024 on September 30, 2024, a new reduced VAT rate category of 15% is introduced and the scope of supplies subject to the 7% reduced rate is adjusted from January 1, 2025. The 7% VAT rate will apply to essential goods, including basic food […]
The Polish Minister of Finance (MoF) has proposed a Draft regulation to exempt taxpayers under the Corporate Income Act from the obligation to submit data from the register of fixed and intangible assets, also known as JPK_ST_KR. It was expected that the MoF would enact regulations impacting the such obligation, as we previously informed here. […]
Pursuant to the Council of Ministers Decree KDP 349/2024 published on October 31, 2024, the zero VAT rate applies to basic food and consumer items such as baby milk, baby and adult diapers, female hygiene products, fresh or chilled vegetables, and fresh fruits effective from November 4, 2024, until December 31, 2025. The temporary zero-rate […]
The Council of the European Union has released a new proposal for the tax reform package called VAT in the Digital Age (ViDA). The proposal modernizes and streamlines VAT systems across the EU, notably the approach to e-invoicing and Continuous Transaction Controls (CTC) in the region. The updated proposal text will be reviewed by Members […]
As of 1 November 2024, businesses conducting B2B sales in Egypt must validate their buyer’s Tax ID and a newly introduced Unique Identification Number (UIN) through a new digital system. The dual validation process, essential for zero-rated transactions, is intended to strengthen VAT compliance and reduce VAT fraud under the VAT reverse charge mechanism. The […]
In August 2024, the Polish Ministry of Finance (MoF) adopted a Regulation adding new elements to the JPK_CIT (SAF-T obligation for corporate income taxpayers) and making it a periodic obligation, with a phased roll-out starting 1 Jan 2025, among other provisions. However, on 10 September, the Polish government published a draft regulation to authorize the […]
The Greek authorities have published the awaited legislation (A. 1122 and 1123 of 2024) requiring taxpayers to submit domestic and cross-border transport document data to the myDATA platform in real-time and to obtain tax authority approval before the start of transportation. Transmission of transport document data has been possible via myDATA, but timelines have now […]
On August 16, 2024, the Polish Ministry of Finance (MoF) adopted the final version of the Regulation amending JPK_CIT, which introduces additional data to be reported on the accounting records. The updated JPK_CIT will consist of two schemas: JPK_KR_PD and JPK_ST_KR. The Act is currently awaiting publication in the official journal and is set to […]
Pursuant to bill HE 61/2024, the standard VAT rate in Finland increases from 24% to 25.5% effective from September 1, 2024.
The Sultanate of Oman Tax Authority announced the launch of a a VAT e-invoicing system in 2023. The plan to introduce mandatory B2B e-invoicing has been postponed to sometime in 2025. Initially, the plan was to roll out the system voluntarily in April 2024, with a mandatory schedule for large entities operating within the country starting in October […]
The Inland Revenue Board of Malaysia (IRBM) released a press note and updated documentation introducing a set of measures for the flexibilization of the upcoming e-invoicing obligation, as listed below. Please note, however, that there has been no postponement of the mandatory go-live date, which remains as 1 August 2024. Issuance of consolidated e-invoice for all transactions: […]
The Greek Tax Authority’s (AADE) has published an updated version of the Greek technical specifications for the myDATA e-accounting system. This is version 1.0.9 of July 2024 and contains the following changes: New fields, operational error codes, VAT Category values, and classification codes have been added, as follows: Added field POS tid Code under payment […]
Pursuant to the Council of Ministers Decree KDP 231/2024, the zero VAT rate that temporarily applies to basic food and consumer items such as bread, milk, eggs, baby foods, baby and adult diapers, female hygiene products, coffee, and sugar has been extended until September 30, 2024. The Decree can be found here (in Greek).